BoI Approves N50b for Cotton, Textile Garment Sectors

• BoI Approves N50b for Cotton, Textile Garment Sectors

The Bank of Industry (BoI) has approved loans of over N50billion comprising debt takeover, term loan and working capital to 40 beneficiaries across the entire value chain in line with the Central Bank of Nigeria’s (CBN’s) guidelines on the fund.

A total of N13.37 billion released by CBN has been disbursed to the various beneficiaries as at September 30.

Its Managing Director, Waheed Olagunju who spoke at a one-day cotton, textile and garment stakeholders forum organised by the Federal Ministry of Industry, Trade and Investment and the bank in Abuja, stated that aside from funding, the bank and the ministry are working together to resolve issues such as power, smuggling, counterfeiting and patronage of locally made goods.

He said: “As part of its efforts to promote the development of the textile and garment sector, the CBN recently put in place a N50billion special intervention facility to facilitate takeover of the existing debt as well as provide additional long term loan and working capital facility to existing companies in the Cotton Textile Garment (CTG) sectors.

“I hope there will be more focus on preferring solutions to the challenges facing the CTG sector in fostering mutually beneficial relationships, networking and knowledge sharing amongst stakeholders on the current and future trends in the cotton value chain in Nigeria but around the world.”